GSMA (Groupe Speciale Mobile Association) presented the annual State of the Industry Report on Mobile Money, or the report on the state of the mobile money industry, with an overview of the situation of current accounts used by mobile devices, which highlights the impact of the greater financial inclusion on life, the economy and innovation, particularly in emerging markets.
This year's edition examines the impact of the billion current accounts registered for the sector and users of mobile money, as well as for the future of this ecosystem. It provides a complete picture of the adoption and use of mobile money worldwide.
The report highlights that 2019 marked an important milestone in the mobile money industry, with over a billion registered accounts and nearly two billion dollars in daily transactions. For the first time, digital transactions account for the majority, with 57% of e-credit interactions. The industry in the sector witnessed the increased trust and relevance.
With 290 live services in 95 countries and 327 million active accounts, electronic credit is becoming mainstream, preparing to become the path to financial inclusion in many low-income countries. For consumers, it is a move away from cash to digital means of payment for school fees, e-commerce, money transfers, savings, credit, pre-paid services and so on.
Growing mobile connectivity and innovative services such as electronic credit are creating stronger and more inclusive communities, says John Giusti, GSMA Chief Regulatory Officer. Exceeding one billion mobile accounts represents a milestone for an industry that did not even exist a little more than ten years ago, further explaining that the agents that deal with mobile money are twenty times higher than those operating in physical structures. About 1.7 billion people remain excluded from financial systems but the collective strength of the industry has the potential to allow anyone to be part of the new digital economy.
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